<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" data-id="536704" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg" alt="" class="wp-image-536704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-1536x1042.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Isabel Dos Santos, daughter of Angola’s former President sits for a portrait during a Reuters interview in London, Britain, January 9, 2020. REUTERS/Toby Melville</figcaption></figure>
</figure>



LONDON, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Angolan billionaire Isabel dos Santos on Monday lost an appeal to overturn an order freezing up to 580 million pounds ($778 million) of her assets as part a lawsuit at London&#8217;s High Court.



Dos Santos – Africa&#8217;s first female billionaire, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017 – is being sued by Angolan telecoms operator Unitel.



Unitel was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DF2F0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">granted</a>&nbsp;a worldwide freezing order over dos Santos&#8217; assets in December and&nbsp;the Court of Appeal on Monday rejected&nbsp;her appeal against that decision.



Dos Santos has faced corruption accusations in Angola for years. She denies the allegations and says she is the target of a long-running political vendetta.



She is being sued by Unitel over loans it made to separate Dutch company Unitel International Holdings (UIH) in 2012 and 2013, when she was a Unitel director, to fund UIH&#8217;s acquisition of shares in telecoms companies.



Dos Santos owns and controls UIH, the Court of Appeal said in its ruling.



Unitel and UIH are not related despite bearing the same name, and dos Santos resigned as a director of Unitel in 2020.



The loans were not repaid and around 300 million pounds is outstanding, Unitel&#8217;s lawyers argued at the High Court.



But dos Santos – who claims to be the victim of a &#8220;campaign of oppression&#8221; by Angola – says Unitel is itself responsible for UIH&#8217;s inability to repay the loans because of its alleged role in Angola&#8217;s unlawful seizure of UIH assets.



(Reporting by Sachin Ravikumar)

Isabel Dos Santos, daughter of Angola’s former President and Africa’s richest woman, sits for a portrait during a Reuters interview in London, Britain

Angola’s Isabel dos Santos loses appeal against freezing order over assets

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg" alt="" class="wp-image-535605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.



The central bank&#8217;s website gave the mid rate for the ZiG currency as 24.3902 to the dollar on Friday versus 13.9987 on Thursday, a 42.6% fall, according to Reuters calculations.



The ZiG, which stands for Zimbabwe Gold, is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under then longtime leader Robert Mugabe.



But authorities have struggled to convince a sceptical population to stop transacting in foreign currencies.



The Reserve Bank of Zimbabwe said in a statement that its Monetary Policy Committee (MPC) met on Friday and decided to allow greater exchange rate flexibility.



MPC members increased the bank&#8217;s policy rate from 20% to 35% with immediate effect.



&#8220;The MPC is convinced that the above measures will go a long way in addressing the emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term,&#8221; the central bank said.



Bloomberg News earlier reported that Zimbabwe was said to have devalued the ZiG by 44% against the dollar, citing four treasury dealers.



Independent Zimbabwean economist Hapi Zengeni said it was important to note that the central bank had not said whether it was allowing the currency to float freely or would still control the exchange rate after the devaluation.



This &#8220;highlights the complexities in Zimbabwe &#8230; where the official exchange rate does not reflect the realities of the parallel market, leading to more challenging economic implications for trade, investment and more importantly consumer behaviour&#8221;, Zengeni said.



(Additional reporting by Shubham Kalia in Bengaluru; Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra, Kirsten Donovan)

FILE PHOTO: Zimbabwe’s poor feel the impact of far away Ukraine war

Zimbabwe allows currency to slump over 40%, hikes policy rate

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="538" data-id="534082" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JOTI3ZVACRID7LGCY2HKAAOB2U.avif" alt="" class="wp-image-534082"/><figcaption class="wp-element-caption">View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>
</figure>



Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Canadian miner First Quantum Minerals&nbsp;FM.TO&nbsp;said on Monday it has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia.



The company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle.



&#8220;The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,&#8221; the Toronto-based miner said in a statement.



The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.



Two of First Quantum&#8217;s contractors at its Zambia operations, including one at the Kansanshi,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3CS25H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">had died in November</a>&nbsp;last year in separate accidents.



(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Purchase Licensing Rights

First Quantum suspends some work at Zambia mine after fatal accident

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Five months after its launch, Zimbabwe&#8217;s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government&#8217;s plan to make it the only currency in the market by 2026.



The gold-backed ZiG, which stands for Zimbabwe Gold, is the country&#8217;s sixth attempt at a stable currency in 15 years. It was introduced in April at a rate of 13.6 ZiG per U.S. dollar and has since lost almost 80% of its value on the black market.



Independent economist Prosper Chitambara said the devaluation pointed to a lack of confidence in the new currency, that locals have been reluctant to embrace.



Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe&#8217;s Monetary Policy Committee, told Reuters that although uptake had been slow, it was too soon to consider the new currency a failure.



Gwanyanya said the government could increase use of the ZiG by charging more taxes in the local currency. &#8220;Government more than any other should show preference for its own currency and there is need for urgent intervention by injecting more foreign currency on the market,&#8221; he said.



But market traders are not convinced.



&#8220;The ZiG has been getting weaker so it does not make business sense to transact with it. I do not have faith in the ZiG. We have been here before with the Zimdollar,&#8221; Maynard Maketo, a street hawker selling candy and recharge cards said.



According to Pricecheck, a website that tracks the exchange rate, the ZiG is trading between 20 ZiG and 26 ZiG to $1 on the black market and 13.9 ZiG to $1 on the official exchange.



Carol Munjoma, a trader in downtown Harare who sells groceries, transacts exclusively in U.S dollars.



&#8220;Where I buy these groceries, they do not accept ZiG. So to protect my business I charge in U.S dollars. The ZiG would have to be stable to be accepted here,&#8221; the mother of two said.



In July, central bank chief John Mushayavanhu told Reuters that authorities would stick to promises to build trust in the new currency, a sentiment echoed by Gwanyanya.



&#8220;It is too early to consider that this may be the death of the ZiG,&#8221; said Gwanyanya.



(Reporting by Nyasha Chingono; editing by Kopano Gumbi and Christina Fincher)

A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe’s new currency faces headwinds five months on

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-820x526.jpg" alt="" class="wp-image-531702" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Smoke rises from chimneys at Hwange Power station in Hwange, Zimbabwe, October 19, 2021. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe is struggling to get independent energy projects built to help ease a prolonged power shortage due to lack of funding and economic instability, a government official has said.



The southern African country, which battles lengthy power blackouts, generates about 1,200 megawatts of electricity, mostly from its coal-fired Hwange plant, against peak demand of nearly 2,000 megawatts.



To plug the deficit, the government has licensed private investors to generate a combined 2,920MW from coal and solar plants.



Of these, about 250MW in private power generation is expected to come on stream this year, energy secretary Gloria Magombo told an economic conference on Monday.



&#8220;We have natural energy resources but what we need is financing. That financing needs macroeconomic stability,&#8221; Magombo said.



Independent power producers also need government assurances that they will be able to remit dividends and loan repayment funds, she added.



Zimbabwe continues to experience episodes of high inflation, mainly due to a volatile local currency it reintroduced in 2019, a decade after abandoning it for the U.S. dollar.



The country&#8217;s foreign currency shortages mean investors struggle to remit dividends or repay international loans.



Independent power producers are also deterred by the prospect of selling power at what they see as an overvalued official exchange rate, which would lead to losses.



Zimbabwe generates at least 80% of its electricity from coal, with output from the 1,050-MW Kariba hydropower plant now capped at 215 MW due to low water levels after last year&#8217;s devastating drought. Small independent power producers routinely contribute between 20 MW and 50 MW to the national grid.



Power demand is expected to surge mostly due to expansion in mining projects as Africa&#8217;s top lithium producer Zimbabwe seeks to capitalise on the expected increase in demand for the battery metal.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Emelia Sithole-Matarise)

FILE PHOTO: Smoke rises from chimneys at Hwange Power station in Hwange

Zimbabwe’s volatile economy stalls independent power projects, energy official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-820x528.jpg" alt="" class="wp-image-530187" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BDNQOZYSKNKJNLIDZUC6W7K4MY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Botswana President Ian Khama looks on during the Botswana-South Africa Bi-National Commission (BNC) in Pretoria, South Africa, November 11, 2016. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s ex-president Ian Khama appeared in court on Friday to face charges of illegally owning a gun and receiving stolen property, after returning from three years in exile ahead of an election in which his bitter rival is seeking a second term.



The magistrate suspended two arrest warrants against him on Friday for failing to turn up to answer the charges back in April 2022. Khama had been in exile, mostly in neighbouring South Africa, since late 2021.



The allegations include unlawful possession of a firearm, receiving stolen property and procuring the registration of a firearm by false pretence. The former president has denied them and says they are politically motivated.



Khama, whose father Seretse Khama was Botswana&#8217;s founding president, quit the ruling Botswana Democratic Party in 2019 after falling out with his successor President Mokgweetsi Masisi.



Khama backs the opposition Botswana Patriotic Front and had previously said he would return to Botswana to help oust the incumbent in a national election on Oct. 30.



He will next appear in court on Sept. 23, magistrate Mareledi Dipate said.



(Reporting by Brian Benza; Editing by Tim Cocks and Alison Williams)

Botswana President Ian Khama looks on during the Botswana-South Africa Bi-National Commission (BNC) in Pretoria

Botswana’s exiled ex-leader Khama returns home, court suspends warrants

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="569" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-820x569.jpg" alt="" class="wp-image-529690" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-820x569.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-768x533.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LEAHYNTWGJP2ZOZCNL6X2EGVRA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman arrives to harvest blueberries at Talana farm in rural Chegutu district, Zimbabwe, September 2, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwean farmers aim to capitalize on increasing global demand for blueberries, but self-funded growers like Willard Zireva cite a lack of finance and minimal government support as barriers.



Despite being one of the fastest growing blueberry producers globally, with production doubling to 7,000 metric tons last year due to a favourable climate, Zimbabwean farmers are struggling to secure financing for their operations.



Zimbabwe&#8217;s horticultural exports, driven in part by blueberries, exceed $100 million annually. The sector&#8217;s exports, which peaked at $140 million in 1999, were disrupted when former President Robert Mugabe began the seizure of white-owned farms to resettle landless Black citizens.



Despite the sector&#8217;s recent growth, banks remain wary of financing agriculture due to uncertain land tenure, making it challenging for Black farmers like Zireva to expand.



Blueberry farming in Zimbabwe is currently dominated by the few remaining local white farmers, many of whom are looking for foreign investment to expand operations.



Zimbabwe&#8217;s banks do not accept the 99-year leases handed by the government to resettled farmers as collateral for borrowing.



The banks also tend to be reluctant to lend to farmers because the state has in the past arbitrarily acquired farmland, including from some Black commercial farmers.



Zireva cultivates 12 hectares of blueberry crops at his Talana farm 100 km (62 miles) west of capital city Harare, which he bought freehold in the 1990s before the land seizures.



He said that he had to rely on personal savings to plant his first crop after a local bank denied him funding.



<h2 class="wp-block-heading" id="h-massive-growth-opportunity">&#8216;MASSIVE GROWTH OPPORTUNITY&#8217;</h2>



&#8220;If funding is available, there is a massive growth opportunity,&#8221; he told Reuters.



Growing a hectare of blueberries in Zimbabwe requires at least $100,000 to import plants, peat pots from Europe, and special shades for the crops.



Other costs include refrigerated packaging warehouses and water resources.



&#8220;We need interventions and interventions have to come from government. Nobody else,&#8221; said Zireva, referring to concessional funding for farmers.



The finance and agriculture ministries, as well as the Bankers Association of Zimbabwe (BAZ), did not immediately respond to requests for comment.



Zireva&#8217;s farm aims to export 120 metric tons of blueberries to the United Kingdom and East Asia this year, but he says the demand far exceeds their ability to supply.



His farm requires $1.2 million to double output, he added.



&#8220;We are hoping that we can get funding next year to put in eight hectares so that we get to 20 (hectares),&#8221; Zireva said.



Zimbabwe&#8217;s Horticultural Development Council (HDC) said the lack of long-term finance was a significant barrier to the sector&#8217;s plans to double blueberry hectarage to 1,500 hectares by 2030.



HDC CEO Linda Nielsen told Reuters that without funding &#8220;we will see growth in the blueberries sector coming off on the tonnage side. We really need to grow the hectarage and maintain our market share.&#8221;



(Reporting by Nyasha Chingono; Editing by Olivia Kumwenda-Mtambo, William Maclean)

A woman arrives to harvest blueberries at Talana farm in rural Chegutu district

Zimbabwe blueberry farmers chase booming demand but face funding woes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg" alt="" class="wp-image-527142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The sun is reflected on railway tracks during sunrise in Harare, Zimbabwe, August 4, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



HARARE, Sept 5 (Reuters) &#8211; Zimbabwe&#8217;s state-owned railway operator has opened its network up to private players, including a unit of South Africa&#8217;s Grindrod, as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said.



National Railways of Zimbabwe hauled 12 million tons of cargo annually at its 1990s peak, but now manages less than 3 million tons owing to a lack of locomotives and poor maintenance of its rail infrastructure.



The collapse also followed a sharp decline in agricultural and mineral output, triggered by the violent seizure of white-owned farms championed by Zimbabwe&#8217;s former leader Robert Mugabe in 2000.



However, mineral output is on the rebound, mainly driven by chrome and lithium demand from China.



Chinese companies such as Tsingshan Holdings, Sinosteel, Sinomine 002738.SZ, Zhejiang Huayou Cobalt 603799.SS and Chengxin Lithium 002240.SZ have in recent years established iron ore, steel, chrome and lithium operations in Zimbabwe.



They export the minerals to China through Mozambique&#8217;s ports, and the growing commodity export volumes exceed the NRZ&#8217;s current capacity. The state-owned group is now looking to restore its capacity with the aid of private companies.



&#8220;Last year we uplifted 2.8 million tons against available business of 3 million tons,&#8221; NRZ spokesperson Andrew Kunambura told Reuters in an interview on Wednesday.



&#8220;So these private companies are coming in with their locomotives and wagons to augment what we have.&#8221;



Grindrod, through its Zimbabwean subsidiary Beitbridge Bulawayo Railway, has deployed three locomotives and 150 wagons since March as part of the arrangement.



The South African logistics company is positioning itself for freight rail partnerships in southern Africa as under-funded state-owned operators open up their creaking networks to private investors.



The mineral-rich region holds some of the world&#8217;s biggest deposits of copper and lithium, needed for cleaner energy, and is seeing growth in new mining projects which require expanded rail capacity.



Grindrod has restructured its rail business to take advantage of emerging market opportunities in the region, CEO Xolani Mbambo told analysts last week.



The company has recently agreed a partnership with the DRC&#8217;s inland railway company and says it is ready to partner South Africa&#8217;s Transnet, which also plans to open up its network to private players.



(Reporting by Nelson Banya)

The Wider Image: Zimbabwe’s dingy trains mirror economic decline

Zimbabwe turns to private firms to boost freight rail volumes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg" alt="" class="wp-image-524604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



JOHANNESBURG, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum&nbsp;IMPJ.J&nbsp;sees little prospect of new platinum mines being built in South Africa as the industry struggles with a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JU24E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">price slump</a>, its Chief Executive Nico Muller said on Thursday.



Johannesburg-based Impala said projects it had halted in South Africa and Zimbabwe were unlikely to be revived due to the growing market for&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FE9AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">electric vehicles</a>&nbsp;&#8211; which don&#8217;t need platinum-group catalysts in their engines.



&#8220;It&#8217;s highly improbable that you&#8217;re going to see material investment in new PGMs (platinum group metals) production in South Africa,&#8221; Muller said on a media call.



Impala, which has mines in South Africa, Zimbabwe and Canada, is curbing new investment after headline earnings in the year through June 30 plunged 87% to 2.4 billion rand ($135.4 million).



Impala has also shortened the life of its Canadian palladium operations due to a slump in prices and Muller said investors were balking at spending on new mines, which take as many as 20 years to build.



Platinum, of which South Africa is the world&#8217;s top supplier, and palladium prices will&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JE1U4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">continue to hover below</a>&nbsp;$1,000 an ounce this year due to overstocking, according to a Reuters poll.



Platinum was trading around $940.85 an ounce and palladium at $946.16 on Thursday.



Platinum miners are bound by antitrust rules which prohibit them from voluntarily cutting output to stimulate prices, Muller said.



&#8220;We are not (as an industry) in a position where we can sit around a cigar table and agree to cut production in order to rebalance the market,&#8221; the CEO said. &#8220;That is the dilemma we sit with.&#8221;



The industry&#8217;s plight also reflects &#8220;the long-term state of electrification (of vehicles)&#8221;, Muller said.



&#8220;I&#8217;m not convinced that any shareholder or company is going to see a clear and attractive return for development in new assets,&#8221; he added.



Impala will place its Two Rivers project on &#8220;care and maintenance&#8221; after halting a planned 5.7 billion rand investment, in addition to spending curbs at the North Hill project in Zimbabwe where a $134 million investment was initially planned, and job cuts in South Africa.



($1 = 17.7210 rand)



(Reporting by Nelson Banya and Felix Njini in Johannesburg; Editing by Helen Popper and David Holmes)

An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg

Impala chief sees no new platinum mines built in South Africa amid EV threat

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg" alt="" class="wp-image-524168" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the city and Christ Church in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



Aug 28 (Reuters)&nbsp;&#8211;&nbsp;The discovery of increased reserves of crude oil in Namibia has sparked interest in Namibian assets, with an index fund tracking local government bonds poised for its biggest annual jump on record.



The Exchange Traded Fund tracking local government bonds is listed on the Namibian Stock Exchange and in South Africa and has jumped over 20% in U.S. dollar terms since Portugal-based Galp&#8217;s discovery in April that the Mopane field could hold at least 10 billion barrels of oil.



Since then there has been interest from at least 12 other oil majors.



The fund is on track for its biggest annual gain &#8211; nearly 12% in U.S. dollar terms. Meanwhile, an ETF tracking the closely watched JPMorgan emerging markets bonds index has gained 3.6% year-to-date.



Yields on local sovereign bonds have dropped further following the discovery, with those on bonds maturing in 2037 declining around 150 bps since April, while those on papers maturing in 2050 down around 200 bps.



&#8220;Most of the bonds issued are held by Namibian pension funds, but we are seeing some foreign buying now. We have seen massive yield compression &#8230; since the oil discoveries were first announced,&#8221; said Rowland Brown, co-founder of Cirrus Capital based in Windhoek.



Brown added that Namibian government bonds were still paper- settled, leaving foreign investors looking to the ETF to increase exposure to the resource-rich country.



The southwest African nation has garnered attention from major international energy companies following several major discoveries in recent years along its coast, although the country has not yet produced any oil or gas.



TotalEnergies and Shell say they expect production in 2029-2030.



<h2 class="wp-block-heading" id="h-presidential-election">PRESIDENTIAL ELECTION</h2>



The local equities index has gained over 19% year-to-date in U.S. dollar terms, compared with a 7.5% gain in MSCI&#8217;s index tracking emerging markets equities.



On the currency front, the Namibian dollar has strengthened 4.5% against the greenback this year, snapping a four-year losing streak, with total central bank reserves soaring nearly $1 billion since December 2019, as per LSEG data.



Against the backdrop of Namibia&#8217;s economic potential following its oil discoveries, attention will be on any changes to the economic policy after a presidential election due at the end of the year.



Graham Hopwood, executive director at Institute for Public Policy Research in Windhoek, expects the ruling left-leaning South West Africa People&#8217;s Organisation candidate Netumbo Nandi-Ndaitwah to win.



&#8220;One signal to watch is whether she keeps the level-headed finance minister in his post. He is cautious and sees the importance of reducing debt and avoiding outlandish promises to the electorate,&#8221; he said.



Namibian debt stands at over 60% of its gross domestic product, but analysts say that the fact that a majority of the bonds are issued domestically still remains a positive for the country.



Earlier this year, ratings agency Fitch affirmed a &#8220;stable&#8221; outlook for Namibia on expectations that the government debt to GDP ratio will stabilise in the medium term, while Moody&#8217;s lifted the country&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221;.



The Namibian economy is heavily dependent on mineral exports including diamonds and rare earths. But following recent discoveries, energy could eventually overtake mining in terms of significance to the middle-income country&#8217;s economy.



&#8220;Oil exports per capita out of Namibia will look like a Gulf state in the 2040s, provided they are competitive globally &#8230; which should be a positive for debt to GDP ratios in the country,&#8221; said Charlie Robertson, head of macro strategy at FIM Partners.



In South America, a similar oil boom in Guyana has been key to its economic growth that is expected to increase by 34.3% in 2024, its fifth straight year of GDP growth above 20%.



(Reporting by Johann M Cherian in Bengaluru; Editing by Alison Williams)

A general view of the city and Christ Church in Windhoek, Namibia

Namibian asset demand soars ahead of election and amid oil discoveries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, Aug 22 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate for the second meeting in a row on Thursday, saying there was scope to ease monetary policy as the economy continued to operate below capacity.



Bank of Botswana lowered its Monetary Policy Rate by a further 25 basis points to 1.90% after reducing it by 25 bps in June.



In a news conference explaining the decision, central bank Governor Cornelius Dekop reiterated his previous comments that Botswana&#8217;s economy was forecast to operate below capacity in the medium term, failing to generate demand-driven inflationary pressures.



&#8220;As a result, the prevailing economic conditions and outlook provide scope for easing of monetary policy,&#8221; Dekop added. &#8220;Our aim is that this will assist in stimulating economic growth.&#8221;



The southern African country&#8217;s consumer inflation quickened to 3.7% year on year in July from 2.8% in June, but stayed within the Bank of Botswana&#8217;s 3% to 6% medium-term target range.



Inflation is expected to average 3.0% in 2024, Dekop said, down from 3.6% the bank forecast at its June meeting.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alison Williams, Bhargav Acharya and Toby Chopra)

File photo of building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank cuts interest rate again by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg" alt="" class="wp-image-519734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chicks of broiler chicken are seen at Gruisfontein farm in Lichtenburg in the North West province, South Africa, January 19, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia has resumed imports of live poultry and birds from South Africa, the agriculture ministry said in a statement on Friday.



Namibia banned imports of live poultry, birds and poultry products from neighbouring South Africa in September 2023, following an outbreak of highly pathogenic avian influenza in the country.



Namibia consumes an estimated 2,500 metric tons of chicken every month, typically relying on imports mainly from South Africa.



The ministry also said it had suspended imports of live birds and uncooked poultry products from Brazil&#8217;s Rio Grande do Sul state following an outbreak of the avian Newcastle disease.



Consignments containing poultry products from the state packed in their final packaging on or after June 18, the date of suspension, will be sent back or destroyed at the importer&#8217;s cost, Namibia&#8217;s agriculture ministry said.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders, Kirsten Donovan)

Broiler chickens at Gruisfontein farm in Lichtenburg

Namibia resumes live poultry, bird imports from South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg" alt="" class="wp-image-518815" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-1536x865.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



Land borders in Africa are by nature intimidating places if you don’t know where you are going. First are the crowds, among them hangers-on and tricksters always looking for an opportunity for a quick buck. And then the officials, serious looking and rarely offering a smile.



But I was going home and as a veteran of Beitbridge, one of Africa’s busiest land borders, I was excited to be making the crossing for the first time since it was upgraded and modernised almost three years ago by Zimborders for some $300 million on a Build, Operate and Transfer basis.



On approaching the South African border however my excitement was tempered by a two to three-kilometre stretch of goods trucks – harking back to the bad days before the upgrade when it would take truck drivers as many as two weeks to cross – because of inefficiencies, corruption and in some cases just sheer volumes.



Beitbridge is one busy border post, providing the biggest trade link for the southern Africa hinterland comprising Zimbabwe, Zambia, the Democratic Republic of the Congo (DRC), Malawi and sometimes further afield to parts of western Tanzania. Between them, Zambia and the DRC are key global copper producers, while Zimbabwe’s new Chinese funded lithium mines now account for more than two-thirds of Africa’s lithium output, Bloomberg reports.



There are serious mineral volumes and capital equipment being moved here before counting manufactured goods that flow north for South Africa’s neighbours with no meaningful manufacturing bases of their own. But Zimborders was supposed to solve that, I consoled myself.



In an opinion piece published on our web page in March this year, Glynn Cohen, the Chairman of Zimborders wrote: ‘’This flagship project will undoubtedly be successful – improving efficiency, reducing congestion and transit fraud…already, it now takes a few hours for trucks to cross the border compared with up to a week before’’.



But I had not reckoned with the South African side of the border. The arrival hall was one mass of people when we arrived with queues stretching outside and no sign of any official intervention. With my nephew in tow, we squeezed inside, and I am ashamed to say, many `sorries’ later, we jumped the queue and an hour later were by the exit gates.



But the ordeal was just beginning. Unbeknown to me, the immigration lady who stamped my passport, had made a mistake and an eagle-eyed police officer at the exit gate spotted the error and promptly sent me back to the hoards inside the arrival hall. Many swear words later I was back at the exit gate but by then my transport was gone and so I had to walk to the Zimbabwean side, an experience I have been told could be hazardous.



I took off but was pleasantly surprised by the visible policing on the South Africa side. However, the minute you step on the Zimbabwean side, things change. Hawkers selling everything from roasted maize to cool drinks dotted the route even at 1am. And then the darkness! While the South African side was well lit, there were neither lights nor security until I reached the army post at the entrance to Zimbabwe. I made it without a scratch but truth be told I was shaken.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg" alt="" class="wp-image-518816" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-1536x865.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



A few metres later however Zimborders was there. True of border posts, the new building is imposing and it has to be said, impressive. The experience inside was even better, the whole exit process taking me half an hour. Thank you Africa Export-Import Bank and South African banks that funded this, I thought as we headed into the night.



So I must concede Mr Cohen was right. The upgrade has certainly made a huge difference from the corruption infested old post I had used for many years. However, the South African side has clearly not read the script and the experience got even worse when I returned, this time by bus. The hour I spent on the way out became four hours.



Put simply, the South African officials we encountered on the 12th of August 2024 didn’t care. We were grouped by our busses but the queue outside the arrival hall was one giant milling mass of people. One minute we were told to follow our driver inside, and the next we were chucked out because the official decided otherwise.



While all this is happening one could clearly see the officials sitting behind their desks chatting with nary a care in the world. You are shouted at like you are misbehaving children when those queues contain adults taking care of their households, working in the mines, running companies sustaining the economies of southern Africa.



It was shameful. But when you have done this crossing as many times as I have, you understand an immigration official wields absolute power. One word out of turn will take you and your fellow travellers to the back of the queue. You wait for this important man – it was mostly men – to stamp your passport without complaint.



So much for boosting intra-African trade. This was one bruising encounter that will take some time to heal but who is listening? While the Border Management Authority represents South Africa’s latest attempt to clean up its ports of entry, on the ground, I saw no change.



You can still cross the border without a passport for a thousand rand or more, a lady travelling beside me told me. Some 700 rand allows you to be given more days – as many as three months instead of a week, and 500 rand can enable you to jump the patient masses and get your passport stamped quicker.



For the record, I didn’t pay. All I did was push and hustle my fellow travellers for which I am truly sorry.

20240812_003223

Chronicle of a Beitbridge border crossing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg" alt="" class="wp-image-518805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank cut its main interest rate by 25 basis points on Wednesday, citing a slowdown in inflation and inflation expectations.



The Bank of Namibia reduced its repo rate to 7.50% from 7.75%, where the rate had been since June 2023.



Namibia&#8217;s inflation was at 4.6% year on year in July, the same level as in June but down from 4.9% in May.



The central bank revised down its average inflation forecast for this year to 4.7%, versus a 4.9% forecast given at its last Monetary Policy Committee meeting in June.



It attributed the downward revision to an appreciation of the Namibian dollar and a moderation in crude oil prices.



&#8220;With inflation and inflation expectations slowing and nominal interest rates unchanged, real interest rates have increased thereby signalling an effective tightening of monetary policy,&#8221; central bank Governor Johannes !Gawaxab said in a statement accompanying the decision.



&#8220;Considering these factors, the MPC felt that a moderate easing of monetary policy was warranted.&#8221;



The central bank reduced its 2024 economic growth forecast by 0.6 percentage point to 3.1%, partly because of a severe drought gripping the southern African region.



(Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra)

A logo of the Bank of Namibia is seen at the company’s headquarters in Windhoek

Namibia central bank cuts main interest rate by 25 basis points

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1290" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, (Reuters) &#8211; Botswana intends to renegotiate its proposed purchase of a stake in Belgian gem dealer HB Antwerp to double the size of its shareholding at no extra cost following the downturn in the diamond market, the country&#8217;s mines minister said on Tuesday.



Botswana is the world&#8217;s biggest diamond producer by value, meaning its economy has been disproportionately hit by a drop in demand for diamonds caused by a global economic slowdown.



Lefoko Moagi told parliament the weaker diamond market had also affected the company&#8217;s valuation, giving the country room to renegotiate.



&#8220;We will not be injecting more capital, but we will get more shares for the same amount proposed in 2023,&#8221; Moagi said. &#8220;Instead of the 24%, we will negotiate to get 49.9% for the same amount initially proposed.”



Finance ministry budget documents showed in February that the country had set aside 890 million pula ($65.95 million) for the 24% stake, valuing the Belgian company at about $275 million.



The HB Antwerp deal was announced during Botswana&#8217;s negotiations for a new sales contract with Anglo American&#8217;s diamond unit De Beers in March 2023.



As Botswana sought to increase its power to market its stones outside a decades-old agreement with De Beers, it said the HB Antwerp deal would strengthen its presence in the downstream diamond industry.



It includes supplying the trader with rough diamonds for five years through the state-owned Okavango Diamond Company (ODC).



($1 = 13.4953 pulas)



(Reporting by Brian Benza; editing by Nelson Banya and Barbara Lewis)

FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="516" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Sales of rough diamonds at Debswana Diamond Company fell 49.2% in the first half of 2024, according to data released by the Botswana central bank late on Wednesday, as the downturn in the global diamond market continued.



Debswana, equally owned by the government of Botswana and Anglo American Plc&#8217;s De Beers, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company (ODC).



Botswana and De Beers in June last year agreed a new ten-year diamond sales deal, which will see ODC&#8217;s share of Debswana output rise to 30% before gaining gradually to 50% by the end of the new contract, as the country seeks to get more revenues from its resources.



In the first half of the year, Debswana sold diamonds worth $1.29 billion compared to $2.54 billion registered in the same period last year, Bank of Botswana data showed. In local currency terms, the Debswana sales fell 47.3% to 17.555 billion pula.



Anglo, which plans to divest from De Beers as part of an organisational shake up, cut diamond production by 19% during the first six months of the year. It reported last week that output guidance at De Beers was revised down to 23-26 million carats from 26-29 million in response to the diamond market&#8217;s ongoing downturn.



Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings and a third of national output from diamonds.



($1 = 13.5685 pulas)



(Reporting by Brian Benza, Editing by Bhargav Acharya and Miral Fahmy)

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="619" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg" alt="" class="wp-image-511102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-768x580.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-1536x1160.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare, Zimbabwe, September 10, 2018. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, July 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday,but warned that concerns remained over the impact of a drought on finances.



The finance ministry projected 2024 growth at 2% earlier this month, down from 3.5% forecast in November, as southern Africa suffers its worst drought in decades.



In his midterm budget review, Ncube told lawmakers that the agriculture sector was now projected to contract by 21.2%, against a contraction of 4.9% in November, due to the drought.



Ncube added that spending priorities for the remainder of the year could change as the government takes stock of the impact of the drought on food security and water.



In April, the southern African nation introduced its new gold-backed currency, Zimbabwe Gold (ZiG), its sixth attempt at a domestic currency in 15 years.



&#8220;Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rate,&#8221; Ncube said, adding that inflation had remained stable in the two months since its introduction.



Zimbabweans however have been slow to adopt the new currency, opting instead to continue trading in foreign currency, mainly US dollars.



Ncube introduced revised tax proposals which he says will encourage greater use of the currency, including changes to corporate taxes and making some domestic taxes only payable in local currency.



(Reporting by Nyasha Chingono in Harare and Kopano Gumbi in Johannesburg, additional reporting by Tannur Anders and Bhargav Acharya, writing by Kopano Gumbi, editing by Mark Heinrich and Bernadette Baum)

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Southern Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

Zimbabwe allows currency to slump over 40%, hikes policy rate

First Quantum suspends some work at Zambia mine after fatal accident

Zimbabwe’s new currency faces headwinds five months on

Zimbabwe’s volatile economy stalls independent power projects, energy official says

Botswana’s exiled ex-leader Khama returns home, court suspends warrants

Zimbabwe blueberry farmers chase booming demand but face funding woes

Zimbabwe turns to private firms to boost freight rail volumes

Impala chief sees no new platinum mines built in South Africa amid EV threat

Namibian asset demand soars ahead of election and amid oil discoveries

Botswana central bank cuts interest rate again by 25 basis points

Namibia resumes live poultry, bird imports from South Africa

Chronicle of a Beitbridge border crossing

Namibia central bank cuts main interest rate by 25 basis points

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

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